Expensive coin ring tools are not required to make a cool ring out of a coin.
Detailed Beginner Video    • Make Rings out of Coins  
Is making a coin ring illegal?    • Is Making Coin Rings Illegal?  
Mirror finish your rings    • How to Polish Silver Coin Rings from ...  

Turning a 50 cent piece coin into a ring. This video shows the difference in size between a quarter and a half dollar, using the forging/tapping method. Make sure it's 1964 or earlier because they are 90% silver. Annealing your coin will make it easier and much softer. Can still be done with a post 64 coin, but don't expect the bling factor to be that of silver. But they still look cool a hell. After this vid was made, I polished em up with some polishing compound and was able to bring out a mirror finish to it.

Silver Half Dollars - http://www.ebay.com/sch/i.html?_trksi...

$15 Amazon mandrel
http://www.amazon.com/gp/product/B000...